Axis Bank may reduce lending rates soon; Q3 net up

PTI|

Jan 09, 2009, 07.46 PM IST

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MUMBAI: Private-sector lender Axis Bank is likely to slash its prime lending rate by 0.5-0.75 per cent in the near future, a top bank official said today.

"We are looking at a 0.5-0.75 per cent reduction in our lending rate in January as the liquidity position of the bank is comfortable. We may also look at a similar reduction in our deposit rates," the Axis Bank official told PTI here.

Buoyed by a 57 per cent jump in its fee income, the lender today posted a 63.24 per cent rise in its net profits and a similar growth in total income for the quarter ended December 31.

The lender's net profit, during the period, went up to Rs 500.86 crore against Rs 306.83 crore in the year ago period, the bank said.

The fee-based income in Q3 rose to Rs 618.91 crore from Rs 395.05 crore in the corresponding period in the previous year.

Similarly, the total income rose 62.43 per cent to Rs 3,716.94 crore in the December quarter from Rs 2,290.24 crore in the same period of the previous fiscal.

During the three-month period, the bank's interest income stood at Rs 2,984.77 crore, a 66 per cent jump over the year-ago period. It had an interest income of Rs 1,802.34 crore in the December quarter of the 2008 fiscal.

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